Mistral Raises €3B to Make Sovereign, Open-Weight AI the Technology Frontier

Mistral, the Paris-based AI company, led by Arthur Mensch, Guillaume Lample, and Timothee Lacroix, has raised €3 billion in a Series D funding round at a post-money valuation of more than €21 billion, the largest equity fundraising round ever completed by a European technology company, three years after the company's launch. Samsung Electronics led the round, joined by co-leads Scaleup Europe Fund, managed by EQT, and existing investor PSG Equity. Advent, funds and accounts managed by BlackRock, as well as the Grand Duchy of Luxembourg, joined the round as new investors. Existing investors a16z, ASML, Belfius, BNP Paribas CIB, Bpifrance, Carmignac, DST Global, Eurazeo, General Catalyst, Headline, Hillspire, Index Ventures, Korelya Capital, Lightspeed, NVIDIA, Phoenix Court's Solar fund (home to LocalGlobe, Latitude and Solar), and Salesforce Ventures participated in the round.

The funding will expand Mistral’s frontier research and compute capacity while supporting infrastructure growth, commercial expansion, and international scale. Mistral now operates across 20 countries and serves 125+ global enterprises, including Airbus, ASML, and HSBC, on mission-critical AI transformation.

The AI race is shifting from building the most powerful models to deploying AI with greater control over infrastructure, data, and intelligence. Enterprises and governments increasingly want performance without long-term dependence on a single vendor.

Mistral addresses this with a full-stack, open approach spanning open-weight models, infrastructure, compute, and production products. Its sovereign AI stack gives organizations control across four areas: data kept within their boundaries, customizable models, private and predictable compute, and fully controllable and auditable production systems.

The round brings together strategic and financial investors across Europe, Asia, and North America, including global technology leaders, growth investors, and existing shareholders.

Following Series C backing led by ASML and Series D led by Samsung Electronics, Mistral has attracted support from leaders in advanced manufacturing, engineering, and industrial technology. The backing reflects growing confidence in Mistral’s ability to bring state-of-the-art AI into complex environments while maintaining control over data, infrastructure, and knowledge.

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